[Federal Register Volume 62, Number 200 (Thursday, October 16, 1997)]
[Notices]
[Page 53806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27477]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Proposal To Collect Information on Transactions of U.S. Parent 
Companies With Their Foreign Affiliates

ACTION: Proposed collection; comment request.

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SUMMARY: The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to comment on proposed and/or continuing 
information collections, as required by the Paperwork Reduction Act of 
1995, Pub. L. 104-13(44 U.S.C. 3506(c)(2)(A).

DATES: Written comments must be submitted on or before December 15, 
1997.

ADDRESSES: Direct all written comments to Linda Engelmeier, 
Departmental Forms Clearance Officer, Department of Commerce, Room 
5327, 14th and Constitution Avenue, NW., Washington, DC. 20230.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instruments and instructions 
should be directed to: R. David Belli, U.S. Department of Commerce, 
Bureau of Economic Analysis, BE-50(OC), Washington, DC. 20230 
(Telephone 202-606-9800).

SUPPLEMENTARY INFORMATION:

I. Abstract

    Form BE-577, Direct Transactions of U.S. Reporter with Foreign 
Affiliate, obtains quarterly sample data on transactions and positions 
between U.S. business enterprises and their foreign affiliates. The 
data are needed for compiling the U.S. balance of payments accounts, 
the international investment position of the United States, and the 
national income and product accounts. The data are also needed to 
measure the amount of U.S. direct investment abroad, monitor changes in 
such investment, assess its impact on the U.S. and foreign economies, 
and, based on this assessment, make informed policy decisions regarding 
U.S. direct investment abroad.
    The form will incorporate a single minor revision. It will now 
request corrections, if any, that might be necessary in the foreign 
affiliate's three-digit industry classification that appears on the 
form. In the past, respondents were required to file Form BE-507, 
Industry Classification Questionnaire, to report changes in industry 
classification. As a result of this revision proposed to Form BE-577, 
Form BE-507 is being discontinued.

II. Method of Collection

    Form BE-577 is a quarterly report that is sent to U.S. parent 
companies to file for their foreign affiliates. Reports must be filed 
within 30 days after the end of each quarter (45 days after final 
quarter of the foreign affiliate's fiscal year) for every foreign 
business enterprise that is owned 10 percent or more by a U.S. person 
and that has total assets, sales, or net income (or loss) of over $20 
million. Potential respondents are the U.S. parent companies of foreign 
business enterprises that reported in the last benchmark survey of U.S. 
direct investment abroad, along with the U.S. parent companies of those 
affiliates that subsequently entered the direct investment universe. 
The data collected are sample data covering transactions and positions 
between U.S. business enterprises and their foreign affiliates. 
Universe estimates are developed from the reported sample data.

III. Data

    OMB Number: 0608-0004.
    Form Number: BE-577.
    Type of Review: Renewal with revision.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Responses: 12,800 per quarter; 51,200 annually.
    Estimated Time Per Response: 1.25 hours.
    Estimated Total Annual Burden: 64,000 hours.
    Estimated Total Annual Cost: $1,920,000 (based on an estimated 
reporting burden of 64,000 hours and an estimated hourly cost of $30).

IV. Request for Comments

    Comments are invited on (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information has practical utility; 
(b) the accuracy of the agency's estimate of the burden (including 
hours and cost) of the proposed collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

    Dated: October 9, 1997.
Linda Engelmeier,
Departmental Forms Clearance Officer, Office of Management and 
Organization.
[FR Doc. 97-27477 Filed 10-15-97; 8:45 am]
BILLING CODE 3510-06-P